DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX-CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

capital expenditure is concerned, t expenditure is concerned, there is no dispute between the auditor here is no dispute between the auditor and the prescribed authority and the prescribed authority but, in respect of revenue expenditure , in respect of revenue expenditure, in the annexure to director report along with auditor certificate nexure to director report along with auditor certificate nexure

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

capital expenditure is concerned, t expenditure is concerned, there is no dispute between the auditor here is no dispute between the auditor and the prescribed authority and the prescribed authority but, in respect of revenue expenditure , in respect of revenue expenditure, in the annexure to director report along with auditor certificate nexure to director report along with auditor certificate nexure

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

capital expenditure is concerned, t expenditure is concerned, there is no dispute between the auditor here is no dispute between the auditor and the prescribed authority and the prescribed authority but, in respect of revenue expenditure , in respect of revenue expenditure, in the annexure to director report along with auditor certificate nexure to director report along with auditor certificate nexure

MATRIX PARTNERS INDIA INVESTMENT HOLDINGS, LLC,MAURITIUS vs. DEPUTY COMMISSIONER OF INCOME TAX, MUMBAI

In the result the appeal filed by the assessee stands partly allowed

Bench: Smt. Beena Pillai () & Ms. Padmavathy S ()

AB), (BB) and (C) of clause (a) of sub- section 115A(1), where the statute itself has differentiated rates of tax on different nature/sources of income. Such is not the case in relevant capital gains section 45 of the Income Tax Act, 1961. 9. In the case in hand, the Applicant has one species of "income" - capital gains, that

RAJENDRA KUMAR MUNDRA (HUF),MUMBAI vs. NATIONAL FACELESS ASSESSMENT CENTRE (NFAC), DELHI

In the result the appeal filed by the assessee stands allowed

Bench: Hon’Ble Shri Sandeep Gosain& Shri Girish Agrawalrajendra Kumar Mundra Vs. Ito, Ward 24(3)(1) (Huf) Piramal Chamber C-28, Ameya Bldg, Behind Lalbaug, Mumbai – Ymca Dn Nagar Andheri (W) 400012. 400053. Pan/Gir No.Aadh6828J (Applicant) (Respondent)

35 3. The Ld. CIT(A) erred Long term capital gain of Rs. 89,80,308/- on sale of shares of Yamini Investment Company Ltd. u/s 69A of the Act. 4. The Ld. CIT(A) failed to appreciate that the appellant has submitted evidence supporting the purchase and sale of shares of said company resulting in capital gains

BANG EQUITY BROKING PRIVATE LIMITED,MUMBAI vs. ACIT-CIRCLE 4(1)(1), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: SHRI ANIKESH BANERJEE (Judicial Member), SHRI MAKARAND VASANT MAHADEOKAR (Accountant Member)

35) and as above, the facts of the case as well as gone through the observation and findings of the AO 's assessment order. It is observed from the case record that the Assessing Officer (AO) has treated the incomes from the sale of BSE Share as short term capital gains as against long term capital gains claimed

DCIT CEN 5 3, MUMBAI, MUMBAI vs. ICICI LOMBARD GENERAL INSURANCE CO. LIMITED, MUMBAI

In the result, appeals of the Revenue are allowed partly

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

capital gains of ₹106,35,11,223/- under section 10(38) of the Act. under section 10(38) of the Act. The Assessing Officer, however, was of Officer, however, was of the view that by virtue of section 44 of the the view that by virtue of section 44 of the Act, which is a non obstante provision, the computation

DCIT CEN 5 3, MUMBAI vs. ICICI LOMBARD GENERAL INSURANCE CO. LIMITED, MUMBAI

In the result, appeals of the Revenue are allowed partly

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

capital gains of ₹106,35,11,223/- under section 10(38) of the Act. under section 10(38) of the Act. The Assessing Officer, however, was of Officer, however, was of the view that by virtue of section 44 of the the view that by virtue of section 44 of the Act, which is a non obstante provision, the computation

DCIT CEN 5 3, MUMBAI, MUMBAI vs. ICICI LOMBARD GENERAL INSURANCE CO. LIMITED, MUMBAI

In the result, appeals of the Revenue are allowed partly

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

capital gains of ₹106,35,11,223/- under section 10(38) of the Act. under section 10(38) of the Act. The Assessing Officer, however, was of Officer, however, was of the view that by virtue of section 44 of the the view that by virtue of section 44 of the Act, which is a non obstante provision, the computation

DCIT CEN 5 3, MUMBAI, MUMBAI vs. ICICI LOMBARD GENERAL INSURANCE CO. LIMITED, MUMBAI

In the result, appeals of the Revenue are allowed partly

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

capital gains of ₹106,35,11,223/- under section 10(38) of the Act. under section 10(38) of the Act. The Assessing Officer, however, was of Officer, however, was of the view that by virtue of section 44 of the the view that by virtue of section 44 of the Act, which is a non obstante provision, the computation

A.C.I.T. CIRCLE-41(4)(1), MUMBAI vs. SHRI AWADHNARAYAN LAXMINARAYAN SINGH, MUMBAI

In the result, appeal filed by the\nRevenue is dismissed

ab initio as being hopelessly\ntime-barred and therefore quashed the entire reassessment, and as a\nconsequence also deleted the addition in full. Since the assessee and Shri\nJaiprakash L. Singh are co-owners of the same property, parties to the\nsame development agreement, recipients of identical consideration, and\nwere subjected to identical reopening, the above ITAT order constitutes

A.C..I.T. CIRCLE-41(4)(1), MUMBAI vs. SHRI AWADHNARAYAN LAXMINARAYAN SINGH, MUMBAI

ab initio as being hopelessly\ntime-barred and therefore quashed the entire reassessment, and as a\nconsequence also deleted the addition in full. Since the assessee and Shri\nJaiprakash L. Singh are co-owners of the same property, parties to the\nsame development agreement, recipients of identical consideration, and\nwere subjected to identical reopening, the above ITAT order constitutes

HEMENDRA RAMJI VIRA ,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

ab initio as thesame can be considered only by taking recourse to the provisions of the section 153C r.w.s. 153A of the Act. Thus, the assessment of the said amount of LTCG, which was claimed to be exempt u/s 10(38) of the Act by the assessee, made u/s 147 of the Act is beyond the scope of section

HEMENDRA RAMJI VIRA ,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

ab initio as thesame can be considered only by taking recourse to the provisions of the section 153C r.w.s. 153A of the Act. Thus, the assessment of the said amount of LTCG, which was claimed to be exempt u/s 10(38) of the Act by the assessee, made u/s 147 of the Act is beyond the scope of section

HEMENDRA RAMJI VIRA ,MUMBAI vs. DCIT CC-4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

ab initio as thesame can be considered only by taking recourse to the provisions of the section 153C r.w.s. 153A of the Act. Thus, the assessment of the said amount of LTCG, which was claimed to be exempt u/s 10(38) of the Act by the assessee, made u/s 147 of the Act is beyond the scope of section

HEMENDRA RAMJI VIRA,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

ab initio as thesame can be considered only by taking recourse to the provisions of the section 153C r.w.s. 153A of the Act. Thus, the assessment of the said amount of LTCG, which was claimed to be exempt u/s 10(38) of the Act by the assessee, made u/s 147 of the Act is beyond the scope of section

HEMENDRA RAMJI VIRA ,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

ab initio as thesame can be considered only by taking recourse to the provisions of the section 153C r.w.s. 153A of the Act. Thus, the assessment of the said amount of LTCG, which was claimed to be exempt u/s 10(38) of the Act by the assessee, made u/s 147 of the Act is beyond the scope of section

HEMENDRA RAMJI VIRA ,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

ab initio as thesame can be considered only by taking recourse to the provisions of the section 153C r.w.s. 153A of the Act. Thus, the assessment of the said amount of LTCG, which was claimed to be exempt u/s 10(38) of the Act by the assessee, made u/s 147 of the Act is beyond the scope of section